From the monthly archives:

February 2009

Getting The Perfect Credit Score, Is It Possible?

by Amy Green on February 11, 2009

If you are striving for that perfect credit score, you may have your goals set a little bit too high.  To obtain a perfect credit score of 850, you would have to have paid your bills prior to the due date, as well as paying them in full with very few credit inquiries made.  This is just about an impossible task.  It is however very important to have a good credit score. Follow these financial tips below, and they can help you to increase your credit score.

Most people are probably in the position where they need to improve their credit score to do this one of the first things they you need to do is to take a look at your credit report.  You need to carefully review this report to make sure that there are no errors contained in it.  If you do see something that is a mistake you can contact the credit reporting agency through filling out a report to have these items removed.  This may take some time to have the items removed, but as soon as they are, you will see your credit score increase.

There could be other listings on your report that are also in error.  Items such as late payments or skipped payments.  You may have to work with the company that listed the issue as well as the credit reporting bureau to take care of these problems.  By removing any errors on your credit report, you will begin to see your score increase.

If you are one of those people that have had overdue payments or skipped payments, it is now time to begin becoming a bit more timely in your payments.  Every time you continue to make consistent on time remittance for your bills, you will begin to see your credit rating gradually increase.

If you have maxed out your credit cards, it will become very important to get them reduced by half.  As you begin to have more available credit, your credit rating will also improve.  This may mean you need to reduce the amount of money you are spending so that you can put more of that available cash toward your debts.  Through making on time monthly payments, as well as beginning to reduce your overall debt, you will increase your credit score.  Most people will never obtain a 100% perfect credit score score, but you can greatly improve the score that you have.

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No Closing Costs Refinance

by Amy Green on February 7, 2009

Do you know what it means to get a no closing costs refinance from your bank? Each time that you take out a mid to large sized mortgage or loan, you are going to be required to either pay extra money through monthly interest rates or by paying a closing cost. A closing cost is basically a fee that is attached to the final payment of a mortgage that ranges anywhere from hundreds to thousands of dollars. Sometimes it can actually be a good idea to take out a refinancing payment option through your lender that allows you to skip paying the closing costs.

On the other hand, it may be a better deal to cough up the money to cover the costs of closing because they may be less than the total amount of interest that you will be charged on your monthly payments. It is completely up to you to decide what kind of payment policy that you are going to need. Each person has different needs and is going to attempt to find out what type of refinancing policy is going to be best for their particular situation. It is good to ask yourself whether you are interested in saving money in the short term or whether you don’t mind paying a little bit extra in the short term to save in the long run.

If you are trying to save yourself money in the short term, then you are going to want to get a no closing cost refinance loan. With that said, if your goal is to have more money in the long run (e.g. after you are done paying off your mortgage), then you will want to make sure that you decide to pay for the closing costs. A lot of times the closing costs scare a lot of people because they can be quite high. However, if the closing costs are only $1000 and you end up paying $2500 in interest rates in exchange for not having to pay the closing, you are actually losing money.

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